At the same time, the S&P 500 financials, industrials and consumer discretionary sectors rose, extending the recent rotation out of growth and into so-called value names.
“It’s somewhat of a leadership-less market,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Investors’ preferences are flipping around here almost on a daily basis, primarily between tech plus and cyclicals. FILE PHOTO: American flags hang from the facade of the New York Stock Exchange building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File Photo
A leading value index was up 0.1% while a growth index shed 0.6% in a continuation of a trend since late last year. Bank stocks rebounded as investors took heart from signs that the impact from the fall of a U.S. hedge fund did not ripple out to broader markets.
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